The two companies will acquire all assets constituting the businesses of Digital Domain in feature films, advertising, visual effects, commercial production, studios in the US and Canada and a co-production stake in the feature film "Ender's Game", the statement said.

The businesses will continue to operate in the normal course, with the joint venture assuming ownership upon court approval, it added.

Shares of Reliance MediaWorks were trading higher by 6.28 percent at Rs 72.80 on the BSE at 1112 hrs.

"We have had a wonderful working relationship with Digital Domain over the years and we could not be happier to take it further through the joint Galloping Horse - Reliance acquisition," said Venkatesh Roddam, CEO, Film & Media Services, RMW.

"We are looking forward to working with Digital Domain employees and customers to make the operation better and stronger," he added.

Ivy Zhong, Vice Chairman and Managing Director of Beijing Galloping Horse Film said: "We are thrilled to have found a partner in Reliance MediaWorks that is as committed as we are to ensuring Digital Domain's continued excellence and success."